Global Entrepreneurship Monitor

UAE and India are now the best places to start a business, but western countries still beat them in one key respect

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Tuesday, February 13, 2024

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The United Arab Emirates (UAE) is the best place in the world to start a new business, according to the latest annual Global Entrepreneurship Monitor (GEM) survey.

Key Points:

The United Arab Emirates (UAE) is the best place in the world to start a new business, according to the latest annual Global Entrepreneurship Monitor (GEM) survey.
The UAE has made particularly steady progress, progressing from fifth on the list in 2019 to the lead ranking.
Saudi Arabia has risen from 17th to third over the same period, while India is up from sixth to second, having shaken off a pandemic dip in between.

How the survey works

GEM captures this each year through a national expert survey that goes out to a range of entrepreneurship ecosystem stakeholders, including business leaders, government officials and academics.
This year, 49 countries participated in the survey including most countries in the G20 (with exceptions like Australia that didn’t participate in the most recent survey).

The shift to the east

In the UAE, for instance, there have been initiatives such as Projects of the 50, which includes priority visas for entrepreneurs and top students, particularly in areas like artificial intelligence, digital currencies and coding.
The Ghadan 21 business accelerator programme has also been spending AED50 billion (£11 billion) in Abu Dhabi since 2019.

This has seen the national enterprise development agency, Monsha’at, doing things like promoting university startups and fast-growing ventures.
To attract foreign talent, the Saudi government also approved a new residency scheme in 2019 and an instant labour visa in 2023.

East v west

In 2019, four out of the top ten countries were Switzerland, the Netherlands, Norway and the US.
When you look at countries like Switzerland, France, Norway and Germany, over 30% of their entrepreneurs are in business services.
So both in the global east and also in low-income countries, there needs to be more impetus and support for encouraging business services.

It’s also worth pointing out that entrepreneurship education needs more attention in most countries.
In 31 out of 49 economies, it was rated as the weakest of the conditions assessed in the survey.

Aileen is executive director of Global Entrepreneurship Monitor.
All views expressed in this article are Aileen’s own.

The Johnson/Truss debacle of 2022 made people more afraid of starting businesses – new findings

Retrieved on:

Thursday, June 29, 2023

The war in Ukraine drove up energy costs, leading to high inflation and a cost of living crisis in many developed economies.

Key Points:

The war in Ukraine drove up energy costs, leading to high inflation and a cost of living crisis in many developed economies.
In the UK, these pressures had combined with the effects of Brexit to sharply raise the cost of doing business.
We found the UK was in the midst of an uncertain summer that made people less inclined to start businesses.

The Johnson/Truss effect

Once we had concluded our fieldwork in September, the rate of entrepreneurship among all 10,000 respondents was 11%, suggesting it declined over the summer.
If we just compare the phone interview statistics to factor out any potential variations in how people answer the two types of survey, it’s even more compelling.
The final 1,000 phone interviewees in the weeks after Johnson had resigned showed an entrepreneurship rate of just 7.4%.
This is hardly surprising as the relentlessly negative headlines about the state of politics and the economy filtered through to people’s economic choices.

More bad news and a couple of positives

The Gem surveys began as a joint research project between Babson College in the US and London Business School in the UK.
The UK’s ranking in the overall quality of its entrepreneurship ecosystem also fell to 25th in 2022 from 18th the year before.
This is assessed based on a survey of 36 entrepreneurship experts on 13 parameters, such as financing and physical infrastructure.
In the context of the overall discontent, this rise suggests that female entrepreneurship is quite resilient in the UK.
We also need UK business-support initiatives to continue, like the Help to Grow programme, Growth Hub network and Innovate UK.

Emotional intelligence is the key to more successful entrepreneurs

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Sunday, June 4, 2023

Entrepreneurs have a key role to play in achieving the United Nations 2030 Agenda for Sustainable Development.

Key Points:

Entrepreneurs have a key role to play in achieving the United Nations 2030 Agenda for Sustainable Development.
That is where entrepreneurs — anyone who starts or owns a business — come into the picture.
Our recent research on how emotional intelligence at the societal level impacts entrepreneurship can help Canada, and other nations, accomplish this.

About the study

Using entrepreneurial activity data from the Global Entrepreneurship Monitor in 24 countries, our study found that entrepreneurship flourishes when individuals in society possess higher levels of well-being, adaptability, self-control and sociability.
These are characteristics of societal emotional intelligence — a measure of the collective emotional intelligence of a particular society.

Fostering commercial entrepreneurship

Our research found three characteristics of societal emotional intelligence are more likely to foster commercial entrepreneurship: hedonic well-being, adaptability and self-control.
Commercial entrepreneurship leads to innovation that contributes to a country’s economic growth by generating wealth.
In the context of commercial entrepreneurship, having a high degree of adaptability allows entrepreneurs to navigate uncertainty and adapt to changes in the business environment.
Because self-control is valuable for managing commercial enterprises, societies that have more individuals with higher levels of self-control are more likely to facilitate commercial entrepreneurship.

Fostering social entrepreneurship

Social entrepreneurship, as previously mentioned, leads to innovation that addresses social issues.
While the characteristics of eudaimonic well-being are essential for both types of entrepreneurship, societies with higher levels of eudaimonic well-being tend to foster an environment more conducive for social entrepreneurship.
It plays a more significant role in social entrepreneurship, so societies with a larger amount of individuals with this trait are more likely to facilitate social entrepreneurship.

Fostering emotional intelligence

For this to happen, Canada should implement strategies to build emotional intelligence among its entrepreneurs.
One way Canada could do this is by investing in programs to monitor, assess and diagnose ways to improve emotional intelligence among entrepreneurs.
In addition, given that emotional intelligence can be developed with training, businesses and innovation hubs should develop emotional competencies among their entrepreneurs.

Chile, the leading innovation hub in Latin America, will be part of eMerge Americas 2023

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Monday, April 17, 2023

MIAMI, April 17, 2023 /PRNewswire/ -- For the third year, a Chilean delegation will travel to Miami to be part of eMerge Americas 2023, the premier technology conference transforming the city into a global tech hub scheduled for April 20-21.

Key Points:

MIAMI, April 17, 2023 /PRNewswire/ -- For the third year, a Chilean delegation will travel to Miami to be part of eMerge Americas 2023, the premier technology conference transforming the city into a global tech hub scheduled for April 20-21.
"About 100 companies were selected to compete, nine of whom are from Chile.
Since 2007, Chile has been the region's leader in the Global Innovation Index by the World Intellectual Property Organization.
"By participating in these events, we want to give visibility to Chile's innovation ecosystem, its success stories, and its talented human capital," said Serrer.

New (Global Entrepreneurship Monitor) GEM Research Shows Increase in Entrepreneurship and Startup Intentions despite the Pandemic’s Lasting Effects

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Wednesday, September 14, 2022

This years GEM report presented a pattern of high entrepreneurship rates and entrepreneurial intentions among the youngest adult age group, individuals 18-24, part of Gen Z.

Key Points:

This years GEM report presented a pattern of high entrepreneurship rates and entrepreneurial intentions among the youngest adult age group, individuals 18-24, part of Gen Z.
Of the ethnicities surveyed and reported, GEM data reveals that Black people rated highest in several categories regarding entrepreneurship.
The GEM research indicates that women and people of color have high regard for entrepreneurship and are starting businesses that benefit their communities and the American economy.
Academic research teams in 50 economies collected and analyzed data on a comprehensive array of indicators about entrepreneurship and businesses.

UN Women and Ant Foundation launch “Together Digital” to empower women entrepreneurs in the digital economy

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Thursday, July 21, 2022

We are pleased to enter this partnership with the Ant Foundation, with whom we share a mutual interest in the digital empowerment of women.

Key Points:

We are pleased to enter this partnership with the Ant Foundation, with whom we share a mutual interest in the digital empowerment of women.
Women entrepreneurs are always facing greater challenges and having an entrepreneurial spirit is essential to overcome them, said Sabrina Peng, Executive Vice Chairwoman of Ant Foundation.
Together with UN Women, we hope to expand the development opportunities available to women entrepreneurs and support them to reach their full potential on a global scale.
However, the persistent digital gender divide has hindered women from benefiting and participating meaningfully in the digital economy."

New Research from Global Entrepreneurship Monitor (GEM) Highlights US Entrepreneurs Are Starting or Running Businesses Near Pre-Pandemic Levels

Retrieved on:

Thursday, February 10, 2022

In 2021, more than 50% of entrepreneurs agreed that starting a business had become more difficult in 18 of 47 economies.

Key Points:

In 2021, more than 50% of entrepreneurs agreed that starting a business had become more difficult in 18 of 47 economies.
Global Entrepreneurship Monitor (GEM) is a consortium of national country teams, primarily associated with top academic institutions, that carries out survey-based research on entrepreneurship around the world.
GEM is the only global research source that collects data on entrepreneurship directly from individual entrepreneurs!
GEM's Adult Population Survey (APS) provides analysis on the characteristics, motivations and ambitions of individuals starting businesses, as well as social attitudes towards entrepreneurship.

New Research Shows the Pandemic's Impact on U.S. Entrepreneurs

Retrieved on:

Wednesday, September 8, 2021

WELLESLEY, Mass., Sept. 8, 2021 /PRNewswire/ -- More Americans were starting and running new businesses last year despite the economic effects of the pandemic, according to new data reported in the 2020/2021 U.S. Global Entrepreneurship Monitor (GEM) Report released today by Babson College.

Key Points:

New Research Shows the Pandemic's Impact on U.S.
Moreover, some 54% of entrepreneurs, and 43% of business owners, reported that the pandemic introduced new business opportunities.
The TEA rate for women was 16.6% and for men 18.3%, about eight women entrepreneurs for every 10 men entrepreneurs.
GEM is the only global research source that collects data on entrepreneurship directly from individual entrepreneurs!

New Global Entrepreneurship Monitor Research: 43% of Survey Respondents Know Someone Who Stopped a Business Due to the Pandemic

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Wednesday, May 5, 2021

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Among many examples of this, 72% of adults in Indonesia knew someone who had stopped a business due to the pandemic, compared to just 16% of adults in Taiwan.

Key Points:

Among many examples of this, 72% of adults in Indonesia knew someone who had stopped a business due to the pandemic, compared to just 16% of adults in Taiwan.
Never has this ongoing research been more relevant than today in the midst of the global pandemic.
GEM\'s Adult Population Survey (APS) provides analysis on the characteristics, motivations and ambitions of individuals starting businesses, as well as social attitudes towards entrepreneurship.
The National Expert Survey (NES) looks at the national context in which individuals start businesses.\n'

More Comprehensive Policy Making Will Enable Entrepreneurs to Flourish During Pandemic Recovery, According to Global Entrepreneurship Monitor Policy Impact Report

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Tuesday, September 15, 2020

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This is among the key takeaways from the Global Entrepreneurship Monitor (GEM) Policy Impact Report sponsored by Shopify, a leading global commerce company that powers over one million businesses in more than 175 countries.

Key Points:

This is among the key takeaways from the Global Entrepreneurship Monitor (GEM) Policy Impact Report sponsored by Shopify, a leading global commerce company that powers over one million businesses in more than 175 countries.
In response to the pandemic, many national governments have focused on securing workplaces, assuring financial liquidity and incentivising business model modifications.
Several broad themes emerged as principles policymakers should consider moving forward based on analysis provided by 54 GEM National Teams.
Resilience and responsibility in public policy that is conducive to creating new ventures and growth of existing companies.